The rumours indicate that PayPal will launch a mobile payments solution for small businesses at an event this Thursday, reports GigaOm.Who should be concerned? Companies like Intuit, Verifone, and mobile payment wunderkind Square.
According to the rumours, PayPal’s solution will operate in a nearly identical fashion to square — a smartphone dongle will allow people to accept credit card swipes as payments for goods and services.
If this ends up actually happening, it would correspond nicely with PayPal’s move to bring its payment system into brick-and-mortar stores. Users can already pay for items at certain retail locations either by swiping a PayPal card or by entering a phone number and PIN, which connects to their PayPal account.
We’ll know the full story after Thursday’s event.
Does PayPal have what it takes to edge Square out of the mobile payment space? Let us know in the comments!